The Hanover Insurance Group Inc Stock Forecast

Green day on Wednesday for The Hanover Insurance Group Inc stock after gaining 1.02%
(Updated on May 01, 2024)

THG Signals & Forecast

The The Hanover Insurance Group Inc stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $131.18. On a fall, the stock will find some support from the long-term average at approximately $130.32. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, April 23, 2024, and so far it has fallen -1.78%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Wednesday, April 17, 2024 and based on theory for this formation the price should go up by 7.42% to $140.88 within 21 trading days since signal was issued (Thursday, May 02, 2024).

Support, Risk & Stop-loss for The Hanover Insurance Group Inc stock

The Hanover Insurance Group Inc finds support from accumulated volume at $131.02 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $2.64 between high and low, or 2.03%. For the last week the stock has had daily average volatility of 1.34%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (THG) For The Upcoming Trading Day Of Thursday 2nd

For the upcoming trading day on Thursday, 2nd we expect The Hanover Insurance Group Inc to open at $131.02, and during the day (based on 14 day Average True Range), to move between $128.82 and $133.48, which gives a possible trading interval of +/-$2.33 (+/-1.78%) up or down from last closing price. If The Hanover Insurance Group Inc takes out the full calculated possible swing range there will be an estimated 3.56% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $131.02 (0.10%) than the resistance at $133.15 (1.52%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is The Hanover Insurance Group Inc stock A Buy?

The Hanover Insurance Group Inc holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.

Current score: -1.193 Sell Candidate Unchanged

Predicted Opening Price for The Hanover Insurance Group Inc of Thursday, May 2, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.